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Warren Buffett’s Berkshire Hathaway increased its stake in Occidental Petroleum this week, taking on another 3.9 million units of the company’s stock at an average price of roughly $63 per share.
According to a filing with the Securities and Exchange Commission (SEC), Berkshire Hathaway has upped its holdings from 25.1% to 25.8% of the oil producer.
Shares of the energy company drifted lower on Thursday.
Berkshire’s latest purchase brings its total to 228 million shares worth $14.5 billion. Buffett’s Hathaway made its last purchase of Occidental in June, when it raised its stake to 224.1 million at just over $57 per share.
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Signage is displayed outside of Occidental Petroleum Corp. headquarters in Carlsbad, New Mexico, U.S., on Friday, Sept. 11, 2020. With the U.S. oil industry reeling from the collapse in demand this year, the New Mexico shale patch has emerged as the (Getty Images / Getty Images)
While Berkshire Hathaway has regulatory approval to acquire as much as 50% of Occidental Petroleum, Buffett said at the company’s annual meeting this summer that he is not seeking to control the Texas-based energy company.
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In addition to Occidental Petroleum, Berkshire holds equity in a variety of companies, including longtime holdings; American Express, Coca-Cola, Chevron and a more recently homebuilders D.R. Horton and Lennar.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AXP | AMERICAN EXPRESS CO. | 143.52 | -0.90 | -0.62% |
| KO | THE COCA-COLA CO. | 56.12 | +0.48 | +0.86% |
| CVX | CHEVRON CORP. | 153.91 | -1.97 | -1.26% |
| DHI | D.R. HORTON INC. | 100.66 | -1.10 | -1.08% |
| LEN | LENNAR CORP. | 104.28 | +1.17 | +1.13% |
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